External Display Brightness, Contrast and Color are Terrible

I have a late 2014 13" Retina MBP. It's connected to a 24" Philips 246EL Display by using an Apple Mini DV to DVI adaptor.

The brightness and contrast on the external display are terrible, and no amount of fiddling with the settings seems to help.

I've tried using Displays > Color > Calibrate, but no matter how I set monitor Brightness and Contrast, I cannot calibrate them correctly.

Previously, I had used the same external display with an early 2011 15" (non-retina) MBP, and it never seemed this bad.